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90 per cent Angus Deaton Bank of England Bank of France Barry Eichengreen Bordo Bretton Woods System Britain British Bryan's share central banks choice of exchange classical gold standard collapse commitment consensus correlation crisis currency deflation demand shocks depreciation devaluation discount rate disturbances employment endogeneity of exchange evidence exchange rate policy exchange rate regime exchange rate stability filter fixed and flexible fixed exchange rates fixed rate regimes fixed-rate system flexible exchange rates flexible rates floating rates foreign Fratianni French government spending Grilli hegemonic hypotheses considered inflation interest rates international cooperation international economic international monetary stability international monetary system interwar gold standard leadership macroeconomic maintenance of fixed Martin Feldstein measure monetary policy mortgage debt NBER output volatility pegged policy response policymakers Political post-Bretton Woods float production provides regime maintenance sector seigniorage shifts between fixed signs and differ silver slump Standard Deviation supply shocks trade urban